Clear Channel Outdoor (NYSE:CCO) Shares Gap Up – Here’s What Happened

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $1.41, but opened at $1.49. Clear Channel Outdoor shares last traded at $1.46, with a volume of 204,898 shares.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CCO. Barrington Research reaffirmed an “outperform” rating and issued a $2.50 price objective on shares of Clear Channel Outdoor in a report on Thursday, October 31st. TD Cowen dropped their price target on Clear Channel Outdoor from $2.60 to $2.40 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Wells Fargo & Company cut shares of Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $2.75 to $1.75 in a research report on Thursday, September 19th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $2.16.

Clear Channel Outdoor Stock Performance

The stock has a market cap of $799.43 million, a price-to-earnings ratio of -5.64 and a beta of 3.08. The stock has a fifty day simple moving average of $1.56 and a two-hundred day simple moving average of $1.52.

Clear Channel Outdoor (NYSE:CCO) last released its earnings results on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The business had revenue of $558.54 million during the quarter, compared to analysts’ expectations of $563.75 million. Equities analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.29 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Arturo R. Moreno bought 250,000 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were purchased at an average price of $1.45 per share, with a total value of $362,500.00. Following the completion of the purchase, the insider now owns 52,182,534 shares in the company, valued at $75,664,674.30. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 7.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Clear Channel Outdoor

A number of hedge funds have recently made changes to their positions in CCO. Millennium Management LLC raised its holdings in Clear Channel Outdoor by 44.0% in the 2nd quarter. Millennium Management LLC now owns 7,332,360 shares of the business services provider’s stock valued at $10,339,000 after buying an additional 2,242,205 shares during the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Clear Channel Outdoor by 21.7% during the first quarter. Gamco Investors INC. ET AL now owns 3,429,000 shares of the business services provider’s stock valued at $5,658,000 after acquiring an additional 610,500 shares during the last quarter. Gabelli Funds LLC raised its stake in shares of Clear Channel Outdoor by 25.9% during the second quarter. Gabelli Funds LLC now owns 2,865,000 shares of the business services provider’s stock valued at $4,040,000 after acquiring an additional 590,000 shares during the last quarter. Whitebox Advisors LLC acquired a new position in shares of Clear Channel Outdoor during the second quarter worth $2,287,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Clear Channel Outdoor by 3.7% in the second quarter. Bank of New York Mellon Corp now owns 1,406,519 shares of the business services provider’s stock worth $1,983,000 after purchasing an additional 49,714 shares during the last quarter. 85.52% of the stock is owned by institutional investors and hedge funds.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.